Tuesday, April 21st3.0°C
24963
24949

Canadian dollar closes higher as markets focus on geopolitical concerns

TORONTO - The Canadian dollar closed higher Monday as geopolitical tensions weighted on financial markets.

The Canadian dollar was up 0.06 of a cent to 93.2 cents US as traders assessed the likelihood of additional sanctions against Russia for its support of Ukrainian rebels accused of shooting down a Malaysian airliner on Thursday.

The disaster, in an area controlled by pro-Russian separatists, has sparked international condemnation and increased pressure on Russia to stop meddling in Ukraine. Russian officials have blamed Ukraine’s government for creating the situation and atmosphere in which the plane was downed by a sophisticated surface to air missile.

President Barack Obama called on Russian President Vladimir Putin to compel Kremlin-backed separatists to allow international investigators unfettered access to the crash site. But he held off on announcing new sanctions.

There have been calls for another round of sanctions that would target entire industries, but there are worries that such action would serve to undermine what is still a very fragile economic recovery in Europe.

Markets were also focused on Israel's ground offensive against Gaza.

Israeli Defence Minister Moshe Yaalon said Monday that he is prepared to continue the offensive "as long as necessary" to halt rocket fire and other attacks from Gaza on Israelis.

Israel accepted an Egyptian call for an unconditional ceasefire last week, but resumed its offensive after Hamas rejected the proposal.

Hamas says that before halting fire it wants guarantees that Israel and Egypt will significantly ease a seven-year border blockade of Gaza.

Meanwhile, it's a rather thin week for economic data. The major Canadian event is the May reading on retail sales. Economists expect Statistics Canada to report Wednesday that sales rose 0.5 per cent for the month.

In the U.S., traders will digest the latest data on inflation, home sales and durable goods orders.

On the commodity markets, August crude oil on the New York Mercantile Exchange added $1.46 to US$104.59 a barrel.

Traders looking for safety pushed August gold up $4.50 to US$1,313.90 an ounce, while September copper gained one cent to US$3.20 a pound.

Note to readers: This is a corrected story: A previous version said the Malaysian plane was shot down last Friday

The Canadian Press


Read more Business News

24910


Recent Trending




Today's Market
S&P TSX15412.60+52.05
S&P CDNX703.65+0.80
DJIA18034.93+208.63
Nasdaq4994.60+62.79
S&P 5002100.40+19.22
CDN Dollar0.8172-0.0004
Gold1193.40-0.10
Oil56.33-0.05
Lumber247.70-0.70
Natural Gas2.57+0.03

 
Okanagan Companies
Pacific Safety0.115-0.005
Knighthawk0.010.00
QHR Technologies Inc1.42+0.02
Cantex0.035+0.005
Anavex Life Sciences0.385+0.055
Metalex Ventures0.085+0.010
Russel Metals27.42-0.06
Copper Mountain Mining1.10-0.03
Colorado Resources0.11+0.01
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04+0.00
Mission Ready Services0.185+0.010
Decisive Dividend Corporation1.80+0.15

 



25694

FEATURED Property
226913420810 Bridgeman Road
10097726 bedrooms
$1,500,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25922

25633


Member of BC Press Council


25692